Daily CSR
Daily CSR

Daily CSR
Daily news about corporate social responsibility, ethics and sustainability

PNC Bank surges ahead in its drive towards low-carbon economy


PNC Bank has consistently focused on supporting a transition to a low-carbon economy by managing its internal operations in a sustainable manner, keeping a tab on risk management controls that incorporates climate change considerations, managing capital for clients in responsible ways and helping clients finance their sustainability goals.

In a statement PNC Bank announced a longterm renewable supply agreement with Constellation with the aim to power nearly 50% of its legacy operations in Ohio, Pennsylvania, New Jersey, Maryland, Delaware, District of Columbia, and parts of Illinois.

“At PNC, we strive to be good stewards of the environment, not only because it is the right thing to do, but because it is essential to supporting a high quality of life for our employees, customers and communities,” said Kate Zettl, VP and Energy Manager with PNC Bank’s Realty Services. “This collaboration with Constellation is an exciting next step toward meeting our environmental goals of reaching 100% renewable purchased electricity by 2025 and reducing carbon emissions and energy use 75% by 2035.”

Through this retail agreement with Constellation, PNC Bank will receive around 148 million kilowatt hours of energy per year.

Further, with the backing of PNC Bank’s 15-year commitment, Constellation has entered into a separate longterm power purchase agreement (PPA) to procure 78MW of energy from Mammoth Central, the third and final phase of Doral Renewables LLC’s Mammoth Solar project in Indiana.

This agreement will help PNC Bank reduce its carbon footprint by more than 55,000 metric tons annually, equivalent to nearly 12,000 passenger vehicles emissions, according to comparative data from U.S. Environmental Protection Agency.

“We’re proud to offer a clean energy solution that will enable PNC Bank to reduce its carbon footprint while supporting the development of a significant renewable energy asset in Mammoth Solar,” said Jim McHugh, chief commercial officer, Constellation. “Adding more zero-emissions energy to the grid is an important step in the journey toward a clean, carbon-free energy future.”

PNC Bank will use the Constellation Offsite Renewables (CORe) retail power product to connect customers to the economic and sustainability benefits of large-scale, offsite renewable energy projects. 

CORe is among Constellation’s suite of products that enables customers to achieve their carbon reduction goals. 

In 2021, PNC Bank purchased around 150 million kilowatt-hours (kWh) of green power, equivalent for meeting 46% of its electricity usage; further. PNC has also been working towards aggressive, science-informed environmental targets for reducing carbon emissions, energy and water use that were set way back in 2017.

The bank has also slashed its carbon emissions by 66%, reduced its energy consumption by 50% and water consumption by 55%, as it strides towards its targets. These have been achieved by using a whole range of strategies, including using renewable energy, increasing sustainability across its operations, and optimizing its real estate plans. 

Since 2000, PNC Bank has prioritized the environmental performance of its buildings, by leveraging the Leadership in Energy and Environmental Design (LEED) and ENERGY STAR certification programs. 

To date, PNC has a total of 324 LEED Certifications and 261 ENERGY STAR certifications, making 45% of the legacy footprint certified.

“The climate crisis requires all institutions – from governments to corporations to NGOs and beyond – to work together to apply their expertise and resources in ways that can truly move the needle,” said Lora Phillips, SVP and director of PNC's Environmental, Social and Governance practice. “As PNC continues to execute on our Climate Action Strategy, we’re committed to taking action right now on those areas we can control, and to laying a solid foundation for the work that is still to come.”